TechnipFMC has announced that its consortium (jointly with Samsung Engineering and Tecnicas Reunidas) have been awarded a USD 4.2bn contract from Bahrain Petroleum Company (Bapco) for the Bapco Modernization Program (BMP). The project is expected to expand the capacity of the existing Sitra oil refinery from 267,000bpd up to 360,000bpd. The BMP project, which will be executed on a EPCC lump sum turnkey basis, is planned for completion in 2022. The scope includes the following main units: Residue Hydrocracking Unit, Hydrocracker Unit, Hydro Desulfurization Unit, Crude Distillation Unit, Vacuum Distillation Unit, Saturated Gas Plant, Hydrogen Production Unit, Hydrogen Recovery Unit, Sulphur Recovery Unit, Tail Gas Treatment Unit, Sour Water Stripper Unit, Amine Recovery Unit, Bulk Acid Gas Removal Unit, Sulphur Solidification Unit, Sulphur Handling Facilities and Offsites & Utilities.

Aramco awards Saipem Manifa Water Injection System

Saipem has been awarded an E&C Offshore contract by Saudi Aramco for EPC activities in Saudi Arabia. The contract’s scope of work includes the EPC of a new 42” offshore pipeline (which will replace the existing one) and other various activities for the upgrade of the Manifa water injection system. This project is estimated to be worth USD 275mn.

OPEC and Russia group extend production cuts until Q4 2018

OPEC and non-OPEC oil giant Russia have agreed to extend production cuts until the end of 2018 as the current agreement is due to end in March 2018. Discussions by the group have led to 24 countries, that control more than half of global production, agreeing to keep 1.8mn barrels a day off the market next year. While Nigeria and Libya were previously exempt from cuts due to unrest and already low production, in this extension of production cuts, both countries are expected to ensure they do not exceed 2017 levels and have a combined output cap of 2.8bn bpd. At the next OPEC meeting, scheduled in June 2018, the group will assess market conditions and adjust the production cut agreements accordingly.

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